Any fulltime/partime live traders?

Hi,

I live in Sweden and I am quite new here. I am wondering if there are any people here trading forex as a full time job or just part time with a day job on the side, that can share some experiences like:
1- what styles/methods of trading work for you?
2- how many pips per day(profit)?
3- how long have you been trading live, and when did you get your breakthrough, how long did it take you to get there? Have you taken on trading as a fulltime career? Give tips on what can help me to develop my forex career after my babypips graduation.
4- what extra things in the journey of learning forex should I look out for or become better at, areas to read more about or skills to learn?

Your responses will be appreciated.

Have a good weekend.

Derek:cool:

Hi - see above comments

Hi Derek, welcome.
Your questions are so open that you’re in danger of being swamped with loads of what wil appear to be conflicting answers.
The best thing you can do, at least for now, is forget what anyone else is doing and concentrate on learning about forex, starting at the free school on here.
While you study, carry on reading the threads on here.
By the time you finish studying you will have a far better idea what sort if trading style suits you. You’ll be asking more focused questions that will glean more useful answers.

Enjoy your journey

There are at least 7 or 8 of us, whom I know, and I suspect probably quite a few more, but we’re still doubtless a very small minority of the membership here.

There are also quite a lot of “subtle vendors” (and a few remarkably unsubtle ones, too) who are here to promote things. You might decide (as I have) that their income actually comes from plying their wares rather than from trading themselves.

I’m a “price action” trader (no indicators), using fast-moving, intraday charts.

Monthly averages mean something; daily averages barely do at all, because the variability of results is typically too high for that to be a very useful parameter. Numbers of pips also aren’t the most useful way to measure results, overall: long-term, successful trading is all about risk-management (not profit maximisation as many aspiring traders mistakenly imagine), so a parameter (such as “profit factor”, but there are other alternatives) that takes that into account is much more worthwhile and indicative, really.

I’m in my eighth year of live trading, now, (and my 12th year overall), and for the last two years of that it’s been my [I]sole[/I] source of income.

After about three years’ experience of real-money trading, which followed an initial four years of education, analysis, learning, and demo trading.

Making a living? About 7 years altogether.

A mixture of reading established, orthodox textbooks published by mainstream publishers (there’s been real quality control in their publication) and getting screen-time experience is the mainstay, I think. Be wary of internet “information”: there’s no quality control behind most of that, and anyone can self-publish anything, these days.

Statistics and probability, in my opinion.

Here’s a book to start you off: “Profitability & Systematic Trading” by Michael Harris (Wiley, 2007).

And here are the five mistakes to avoid.

Thanks for the tips Lexy. I have actually read the 5 mistakes before when I joined babypips :13:
I will look up that book. I think one of the challenging things for beginners is the availability of lots of material out there.

I’ve been trading from last 4 years, its been some profitable now but I’m still not fully satisfied with my performance. I still need some more experience and screen time before getting more confident.

I agree.

It’s terribly easy to be overloaded by “information”.

The problem is that when you’re relatively new, you don’t have the skills and experience to distinguish between information and misinformation. I remember it well. And it’s even worse now, because that was 12 years ago, when I first “looked”, and there was much less of it.

You can get the odds in your favour - or “less against you”, at least - by discounting any information that comes from [U]anyone[/U] selling or promoting [U]anything[/U] at all, whether goods or services or as an affiliate (apart from the price you pay Amazon for textbooks, that is!). That helps a bit.

Thanks to everyone for the tips . I appreciate it.

Search for “DobermanTrading” on that live stream website Twitch.

He’s a retail trader that trades forex full time. He live streams just about every single day for many hours. He’s really interactive with the chat, and it’s a great place to learn to trade forex better. It’s not like he’s a signals provider or anything like that but you can get a glimpse of what it may be like to be a full time forex trader.

Hi guys,

  • For a demo account, does it matter which broker I use as a beginner and why? Which one would you recommend?
  • MT4 and MT5 which is best recommended and why?
    Thanks in advance.

I am still treat forex as part time job so far and enjoy with this business as retail trader with small capital
So far I am felt comfortable using mt4 platform and never use mt5 platform

I seem, it would be better if you find out appropriate trading strategy for you manually! Don’t follow others trading strategy or system! By the way, I am a full time Forex trader and I do my trading only based on my price action knowledge. I have practiced a lot in my demo on PA trading! So, you should work the strategy in demo first that you want to use in live account.

I’m a full time trader.

I trade daily bias on an intraday level.

This right here - the biggest challenge for me is this. Too much info out there - and my 1 goal, to trade from home a steady income and spend more time off the road and with the family. Not too mention, I enjoy markets - concept and profits lol

Check my thread in Forextown, where successful traders talk about how and why we can fail at trading…

Read it - thanks. Already knew those pitfalls, the trick is getting over that hump that moves me from “mimicking” to “understanding” - even if I know the math, probabilities and some of the fundamentals - I often feel as though I don’t really understand how it “should” move, or why it “did” move. All those “why” questions I still have. I think the OP is in a similar boat as mine, based on his questions.

A better understanding of my losses is what I need most I think, and with all that info out there - too many conflicting reports.

will check that out, thanks

You will find many part time traders because this business is good for every one to do . May be only some are doing full time trading . I say actual trader to whom who are doing live trading . Demo traders are not called true traders they are making raining . live trading is real place where they do trading with their own money.

In order to become better trader, you will have to get the proper knowledge and will have to do demo trading first, if you have already job then you can join forex as pert time business while if you are unemployed then surely forex will give you better employment.